The Indian rupee saw a resurgence in the INR vs USD rate, gaining 11 paise on Friday to end the week at the price of 83.54 against the dollar. The previous day, the domestic currency fell down to its lowest value of 83.65 in the INR vs USD rate. The foreign inflows were converted into the domestic bonds which allowed the domestic currency to gain value.
The trade advisors said that the currency sold by the RBI to balance the market caused the domestic currency to fall against the dollar. It was also said that due to the fall in the value of the Chinese Yuan and Japanese Yen, the domestic currency won’t be able to secure much gains on the trading day.
Talking about the domestic markets, traders saw a highly volatile movement towards the end of the trading week, as most of the indices fell down. The 50 shares NSE Nifty reached the price mark of 23,500 points while the 30-share BSE Sensex fell down by 269.03 points to finish up at the price of 77,209.90.
In this week, Nifty and Sensex both posted impressive gains by improving 0.2% of their value from the previous week, but this time it was again Nifty Bank, which secured the highest gains in the entire week. It has been more than 19 months since the Nifty Bank’s gaining streak, which marks a great momentum for the Indian stock market.
The stock market analysts even said that if the 50 shares of NSE Nifty fall below the price of 23,300 points, it may even fall down till 22,750 which could be a setback for the Indian stock market. However, it is expected that the market will secure gains in the upcoming trading sessions next week.
Check here for the latest updates in Hindi!